From Investing.com: 2025-06-03 00:42:00

The market surged higher, with ICE hitting US$65.76/bbl due to weakness, rising geopolitical risks, and a possible supply hike from OPEC+. The prompt ICE Brent time spread strengthened to a backwardation of over US$0.70/bbl. Demand will pick up in the summer, but a surplus in Q4 will pressure prices down. Alberta wildfires are shutting down 350k b/d of oil production, supporting prices.

Gold prices jumped 2.8% to over $3,380/oz on Monday due to renewed trade concerns and geopolitical tensions. China accuses the US of violating trade agreements, while Russia and Ukraine engage in conflict. Gold’s haven appeal is reinforced by these events.

Robusta prices fell for the fifth day due to improving harvests in Brazil and Indonesia. Brazil’s robusta crop is expected to be consistent with last year’s levels, with dry weather accelerating the harvest. This information is provided by ING for informational purposes only and is not investment advice.



Read more at Investing.com: Oil Prices Climb on Short-Term Supply Shocks, but Long-Term Risks Remain